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Question 1 of 3
1. Question
Used Car “Retail” Dealers must have a Surety Bond valued at:
CorrectIncorrectHint
All Dealers must have a Surety Bond valued on their license type and provide proof:
- OL 25 New or Used Auto-Commercial Dealer ($50,000)
- OL 25B Motorcycle Dealer, Motorcycle Lessor-Retailer, All-Terrain Vehicle Dealer, or Wholesale-Only Dealer (Less Than 25 Vehicles Per Year) $10,000
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Question 2 of 3
2. Question
Dealers must renew their license every two years and should complete and submit the following to renew their license:
- Renewal Application (DMV form OL 45)
- Proof of Continuing Education
- Proof of Surety Bond ($10k or $50k as needed for your License)
CorrectIncorrectHint
Dealers should complete and submit the following to renew their license:
- Renewal Application (DMV form OL 45)
- Proof of Continuing Education
- Proof of Surety Bond
- Payment of Renewal Fees
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Question 3 of 3
3. Question
A Dealer’s License and Special Plate are automatically canceled when:
- the Dealer abandons their place of business without giving proper, immediate notice to the DMV
- the Dealer fails to maintain an adequate Surety Bond
- the person designated as the Dealer has changed -or- the Corporate status of the Dealer is suspended or revoked
- the Board of Equalization suspends or revokes the Dealer’s Seller’s Permit
CorrectIncorrectHint
California Vehicle Code Section 11721 provides for the automatic cancellation of a Dealer’s License and Special Plate when the:
- Dealer abandons their established place of business -or- changes to another location without giving proper, immediate notice to the DMV
- Dealer fails to maintain an adequate Surety Bond
- Dealer voluntary or involuntary surrenders the Special Plates and License
- Person designated as the Dealer has changed
- Corporate status of the Dealer is suspended or revoked
- Board of Equalization suspends or revokes the Dealer’s Seller’s Permit